HEARTLAND RURAL ELECTRIC MEMBERSHIP CORP

EIN: 471911282 Mutual Benefit

MARKLE, IN

Total Revenue
$93,813,644
Total Expenses
$82,396,421
Total Assets
$213,794,398
Net Assets
$115,195,786
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
2014
Legal Domicile
IN
Principal Officer
COLT BURNAU
Phone
2607583605
Tax Period
2025-01-01 to 2025-12-31

HEARTLAND RURAL ELECTRIC MEMBERSHIP CORP, founded in 2014, is a mid-sized nonprofit in the Mutual Benefit sector that reported $93.8M in total revenue in fiscal year 2025. Expenses of $82.4M left a modest 12% surplus.

Mission

SALE OF ELECTRICITY AND BROADBAND INTERNET TO MEMBERS OF HEARTLAND REMC.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $88,787,544
Investment Income $380,705
Other Revenue $4,645,395
TOTAL REVENUE $93,813,644

Expense Breakdown

Grants Paid $0
Salaries & Benefits $1,936,452
Fundraising Expenses $0
Program Expenses $82,225,124
Other Expenses $80,459,969
TOTAL EXPENSES $82,396,421

Year-over-Year Comparison

2025 2024 Change
Revenue $93,813,644 $89,874,310 +0.0%
Expenses $82,396,421 $78,820,058 +0.0%
Net Income $11,417,223 $11,054,252 +0.0%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
12
Independent Members
12
Employees
65
Volunteers
N/A

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$464,165
Total Directors
11
$218,995
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MATHEW QUICKERY PRESIDENT 6.00
Officer Director
$21,995 $0 $21,995
JASON DAWES VICE PRESIDENT 5.00
Officer Director
$20,150 $0 $20,150
LAURA COLE SECRETARY/TREASURER 8.00
Officer Director
$21,990 $0 $21,990
ADAM FUSSELMAN ASSISTANT SECRETARY/TREASURER 5.00
Officer Director
$20,670 $0 $20,670
D'ANN STOUFFER DIRECTOR 6.00
Director
$21,520 $0 $21,520
DOUG WILCOX DIRECTOR 5.00
Director
$20,370 $0 $20,370
JOH SMITH DIRECTOR 7.00
Director
$18,670 $0 $18,670
RALPH KEEFER DIRECTOR 5.00
Director
$20,770 $0 $20,770
ALAN AMICK DIRECTOR 4.00
Director
$18,970 $0 $18,970
TED MARTZ DIRECTOR 5.00
Director
$17,170 $0 $17,170
ALAN SCHLAGENHAUF DIRECTOR 7.00
Director
$16,720 $0 $16,720
COLT BURNAU CEO 40.00
Officer
$299,293 $80,067 $379,360
ERIC LAYMON MANAGER ENG & OPER 40.00
Highest
$167,476 $51,488 $218,964
MIKE KELSEY OPERATIONS SUPERVISOR 40.00
Highest
$142,859 $54,363 $197,222
NICK CALEY CORPORATE COMM & MBR SRV MGR 40.00
Highest
$139,425 $55,549 $194,974
BRADY MILLER FOREMAN 44.00
Highest
$136,906 $41,247 $178,153
JOE WILLIAMS FOREMAN 44.00
Highest
$136,571 $50,731 $187,302
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $93,813,644 $82,396,421 $213,794,398 $11,417,223
2024 $89,874,310 $78,820,058 $203,919,917 $11,054,252
2023 $84,024,790 $77,013,511 $196,137,055 $7,011,279
2022 $27,240,056 $21,275,471 $182,379,683 $5,964,585
2021 $23,868,084 $19,354,937 $157,490,377 $4,513,147
2020 $24,464,635 $18,785,049 $137,877,637 $5,679,586
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